Calico Withdraws Application to Re-price Warrants

VANCOUVER, Oct. 16, 2013 /PRNewswire/ - Calico Resources Corp. (TSX-V: CKB) (OTCQX: CVXHF) ("Calico" or "the Company") announces that it has received funds from
the exercise of 1,170,500 of the 1,500,000 share purchase warrants
issued in its private placement which closed September 26, 2011,
representing 78 percent of the warrants being exercised. The Company
had received TSX Venture Exchange acceptance to amending the exercise
price of these warrants from $0.60 to $0.12 per warrant. The Company
has decided not to re-price future warrants and will seek alternative
financing to continue the permitting process at the Grassy Mountain
Project.

"I would like to thank all those that exercised their warrants for
trusting in the Company management and the future of the Grassy
Mountain Project. The continued support by our investors is important
to the success of the Company and the permitting process." stated Buck
Morrow, Chairman of Calico.

In its news release of May 22, 2013, Calico announced it proposed to
amend the exercise prices of an additional two series of share purchase
warrants to $0.12 per share: The Company has now decided not to proceed
with the applications to re-price these warrants.

Warrants to purchase up to 2,827,500 common shares, issued in connection
with a brokered private placement completed April 26, 2012, with an
exercise price of $0.50 per share, exercisable until April 25, 2014;
and

Warrants to purchase up to 1,660,500 common shares, issued in connection
with a non-brokered private placement completed October 12, 2012, with
an exercise price of $0.40 per share, exercisable until October 12,
2014.

ON BEHALF OF THE BOARD

CALICO RESOURCES CORP.

Per: Buck Morrow,
President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement

This document contains "forward-looking statements" within the meaning
of applicable Canadian securities regulations. All statements other
than statements of historical fact herein, including, without
limitation, statements regarding exploration plans and other future
plans and objectives, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and future events and actual
results could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from our expectations are disclosed in the Company's
documents filed from time to time via SEDAR with the Canadian
regulatory agencies to whose policies we are bound.